Hambleton leases on domestic deteriorating in value. Where your lease has approximately 90 years left, you should start considering the need for a lease extension. If lease term dips under eighty years, you will then be required to pay 50% of the property's 'marriage value' in addition to the usual cost of the lease extension to your landlord. Marriage value is the amount of extra value that a lease extension will add to the property. Flat owners in Hambleton will mostly qualify for a lease extension; however It would be wise to check with a conveyancer to confirm if you qualify. In some cases you may not be entitled. There are also strict deadlines and formalities to follow once the process is triggered so it’s prudent to be guided by a conveyancing solicitor during the process.
It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the same as a freehold. Where an further ninety years added to any lease with more than 45 years unexpired, the premises will be equivalent in value to a freehold for many years ahead.
| Lender | Requirement |
|---|---|
| Barclays plc | |
| Birmingham Midshires | |
| Coventry Building Society | |
| National Westminster Bank | |
| Yorkshire Building Society |
Lease extensions in Hambleton can be a difficult process. We recommend you obtain guidance from a conveyancing solicitor and valuer well versed in the legislation and lease extension process.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Hambleton lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Aarav was the the leasehold owner of a studio apartment in Hambleton being sold with a lease of a few days over 72 years remaining. Aarav informally contacted his landlord being a well known Bristol-based freehold company for a lease extension. The freeholder was prepared to grant an extension on non-statutory terms taking the lease to 125 years subject to an increased rent to £50 yearly. No ground rent would be due on a lease extension were Aarav to exercise his statutory right. Aarav obtained expert advice and secured an acceptable resolution informally and sell the flat.
Dr Alex Campbell bought a purpose-built apartment in Hambleton in March 2010. We are asked if we could approximate the compensation to the landlord would likely be to prolong the lease by an additional years. Comparative flats in Hambleton with 100 year plus lease were valued around £203,200. The average amount of ground rent was £65 collected every twelve months. The lease concluded on 26 January 2087. Taking into account 61 years outstanding we estimated the premium to the freeholder to extend the lease to be between £20,000 and £23,000 plus legals.
Last year we were phoned by Dr Muhammad Morgan , who moved into a purpose-built flat in Hambleton in September 2010. The question was if we could approximate the premium would be to prolong the lease by a further 90 years. Comparable homes in Hambleton with 100 year plus lease were valued around £260,000. The mid-range ground rent payable was £50 invoiced quarterly. The lease elapsed on 21 April 2098. Having 72 years outstanding we calculated the compensation to the landlord for the lease extension to be within £9,500 and £11,000 plus fees.